The euro could fall to its lowest level since early 2003 by the end of the year as the European Central Bank extends its program of asset purchases, according to the latest research note from Goldman Sachs.

In the note, published over the weekend, Goldman’s strategists said the euro stands to shed between six and 10 U.S. cents — and that the likelihood of these moves manifesting over the next three months is “highly actionable.”

The magnitude of the euro’s decline depends on several factors — including how the extension impacts investors’ appetite for risk.

Goldman believes the ECB will soon announce that it will continue its program of asset purchases — which includes monthly purchases of €60 billion ($68 billion) in public and private debt — at its current level through the end of 2016, followed by a gradual tapering in the first half of 2017.

But its latest currency research note represents a move away from Goldman’s earlier call for the shared currency to hit parity against the dollar by year’s end.

At the end of last year, market strategists at many of the largest investment banks believed the Federal Reserve would raise interest rates in June and that the euro would fall to $1 by the end of the year. But some of those Wall Street views already are being reassessed.

Following the Fed’s Thursday announcement, strategists at Bank of America raised their year-end forecast to $1.05. On Friday, a currency strategist at Barclays said its forecast was “under revision.”

The euro
EURUSD, -0.0814%
weakened against the dollar Monday. It was down 0.9% from $1.1309, its level late Friday in New York, to $1.1209 in recent trade.

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